diff --git a/realestate-lab/app/listing_matcher.py b/realestate-lab/app/listing_matcher.py
new file mode 100644
index 0000000..b7d4816
--- /dev/null
+++ b/realestate-lab/app/listing_matcher.py
@@ -0,0 +1,114 @@
+"""매물 조건 매칭 + 임차 안전마진(전세가율)·매매 적정성(호가율) 판정."""
+import logging
+import statistics
+
+from .db import (get_listing_criteria, get_market_deals_for, upsert_listing_match,
+                 get_listings)
+from . import finance_rules
+
+logger = logging.getLogger("realestate-lab")
+
+# 경계 상수(조정 가능)
+JEONSE_SAFE, JEONSE_WARN = 0.70, 0.80
+VALUATION_LOW, VALUATION_HIGH = 0.97, 1.05
+MIN_SAMPLE = 3
+DISCLAIMER = "등기부 선순위 근저당은 자동 확인 불가 — 계약 전 인터넷등기소 열람 필수."
+
+
+def compute_safety(deposit, deal_type, deals) -> dict:
+    vals = [d["deposit"] for d in deals if d.get("deposit")]
+    if len(vals) < MIN_SAMPLE:
+        return {"jeonse_ratio": None, "tier": "보류", "median": None, "sample": len(vals)}
+    median = statistics.median(vals)
+    ratio = (deposit or 0) / median if median else None
+    if ratio is None:
+        tier = "보류"
+    elif ratio <= JEONSE_SAFE:
+        tier = "안전"
+    elif ratio <= JEONSE_WARN:
+        tier = "주의"
+    else:
+        tier = "위험"
+    return {"jeonse_ratio": round(ratio, 3) if ratio else None,
+            "tier": tier, "median": int(median), "sample": len(vals)}
+
+
+def compute_valuation(sale_price, deals) -> dict:
+    vals = [d["sale_amount"] for d in deals if d.get("sale_amount")]
+    if len(vals) < MIN_SAMPLE:
+        return {"price_ratio": None, "tier": "보류", "median": None, "sample": len(vals)}
+    median = statistics.median(vals)
+    ratio = (sale_price or 0) / median if median else None
+    if ratio is None:
+        tier = "보류"
+    elif ratio <= VALUATION_LOW:
+        tier = "저평가"
+    elif ratio <= VALUATION_HIGH:
+        tier = "시세"
+    else:
+        tier = "고가"
+    return {"price_ratio": round(ratio, 3) if ratio else None,
+            "tier": tier, "median": int(median), "sample": len(vals)}
+
+
+def match_listing(criteria, listing, budget) -> dict:
+    reasons, passed = [], True
+    if criteria.get("dongs") and listing.get("dong") not in criteria["dongs"]:
+        passed = False; reasons.append("동 불일치")
+    if criteria.get("deal_types") and listing.get("deal_type") not in criteria["deal_types"]:
+        passed = False; reasons.append("거래유형 불일치")
+    if criteria.get("min_area") and (listing.get("area_exclusive") or 0) < criteria["min_area"]:
+        passed = False; reasons.append("면적 미달")
+    if listing.get("deal_type") == "매매":
+        cap = criteria.get("max_sale_price") or (budget or {}).get("max_price")
+        if cap and (listing.get("sale_price") or 0) > cap:
+            passed = False; reasons.append("매수가능 상한 초과")
+    else:  # 임차
+        cap = criteria.get("max_deposit") or (budget or {}).get("max_deposit")
+        if cap and (listing.get("deposit") or 0) > cap:
+            passed = False; reasons.append("보증금 상한 초과")
+    score = 100 if passed else 0
+    if passed:
+        reasons.append("조건 통과")
+    return {"passed": passed, "score": score, "reasons": reasons}
+
+
+def run_listing_matching() -> None:
+    """미평가 포함 전체 매물 재평가 → listing_matches upsert (청약 run_matching 대칭)."""
+    criteria = get_listing_criteria()
+    equity = criteria.get("equity") or 0
+    income = criteria.get("annual_income") or 0
+    jeonse_budget = finance_rules.estimate_jeonse_budget(equity, income)
+    for l in get_listings(limit=1000):
+        is_rent = l["deal_type"] != "매매"
+        reg = finance_rules.region_regulation(l.get("dong"))
+        if is_rent:
+            budget = jeonse_budget
+        else:
+            budget = finance_rules.estimate_purchase_budget(
+                equity, income, reg, criteria.get("is_first_home"), criteria.get("is_homeless"))
+        m = match_listing(criteria, l, budget)
+        deals = get_market_deals_for(l.get("dong_code"), l.get("complex_name"),
+                                     l.get("area_exclusive"), "전세" if is_rent else "매매")
+        rec = {"listing_id": l["id"], "category": "임차" if is_rent else "매매",
+               "passed": 1 if m["passed"] else 0, "match_score": m["score"],
+               "sample_size": 0, "reasons": m["reasons"], "is_new": 1,
+               "regulation_flags": reg_flags(reg)}
+        if is_rent:
+            s = compute_safety(l.get("deposit"), l["deal_type"], deals)
+            rec.update({"jeonse_ratio": s["jeonse_ratio"], "safety_tier": s["tier"],
+                        "market_median": s["median"], "sample_size": s["sample"]})
+        else:
+            v = compute_valuation(l.get("sale_price"), deals)
+            rec.update({"price_ratio": v["price_ratio"], "valuation_tier": v["tier"],
+                        "market_median": v["median"], "sample_size": v["sample"],
+                        "budget_ok": 1 if (l.get("sale_price") or 0) <= (budget.get("max_price") or 0) else 0})
+        upsert_listing_match(rec)
+    logger.info("매물 매칭 완료")
+
+
+def reg_flags(reg: dict) -> list:
+    f = []
+    if reg.get("is_toheo"): f.append("토허")
+    if reg.get("is_regulated"): f.append("규제지역")
+    return f
diff --git a/realestate-lab/tests/test_listing_matcher.py b/realestate-lab/tests/test_listing_matcher.py
new file mode 100644
index 0000000..e07782a
--- /dev/null
+++ b/realestate-lab/tests/test_listing_matcher.py
@@ -0,0 +1,29 @@
+import statistics
+def _deals(vals, key="deposit", dt="전세"):
+    return [{key: v, "deal_type": dt} for v in vals]
+
+def test_compute_safety_tiers():
+    from app.listing_matcher import compute_safety
+    deals = _deals([40000, 42000, 44000, 43000])  # median ~42500
+    assert compute_safety(28000, "전세", deals)["tier"] == "안전"    # 0.66
+    assert compute_safety(32000, "전세", deals)["tier"] == "주의"    # 0.75
+    assert compute_safety(38000, "전세", deals)["tier"] == "위험"    # 0.89
+    assert compute_safety(28000, "전세", _deals([40000, 41000]))["tier"] == "보류"  # 표본<3
+
+def test_compute_valuation_tiers():
+    from app.listing_matcher import compute_valuation
+    deals = _deals([80000, 88000, 90000, 87000], key="sale_amount", dt="매매")  # median ~87500
+    assert compute_valuation(83000, deals)["tier"] == "저평가"    # 0.95
+    assert compute_valuation(89000, deals)["tier"] == "시세"      # 1.02
+    assert compute_valuation(95000, deals)["tier"] == "고가"      # 1.09
+
+def test_match_listing_rent_deposit_cap():
+    from app.listing_matcher import match_listing
+    crit = {"dongs": ["신대방동"], "deal_types": ["전세"], "max_deposit": 32000,
+            "min_area": 40.0, "house_types": ["아파트"]}
+    ok = match_listing(crit, {"deal_type": "전세", "deposit": 29000, "area_exclusive": 42.0,
+                              "dong": "신대방동"}, budget={"max_deposit": 45000})
+    assert ok["passed"] is True
+    over = match_listing(crit, {"deal_type": "전세", "deposit": 40000, "area_exclusive": 42.0,
+                                "dong": "신대방동"}, budget={"max_deposit": 45000})
+    assert over["passed"] is False